Portugal: Consumer confidence dips slightly in July, while the economic climate indicator continues to rise unabated
July 28, 2017
The survey of consumer sentiment produced by the National Statistical Institute (INE) showed that consumer confidence decreased from 3.1 points in June to 2.8 points in July. Despite the dip, the indicator remains in positive territory, where it has been since April this year, and close to last month’s multi-year high. July’s mild decline was driven by consumers’ slightly less optimistic perception of both unemployment and the economic situation of the country over the next twelve months. In contrast, consumers grew slightly more positive regarding savings, while sentiment concerning consumers’ personal financial situation over the next twelve months remained unchanged.
The Institute’s overall economic climate indicator ticked up from 2.1 points in June to 2.2 points in July. July’s rise was underpinned by improved business sentiment in the service, trade and construction and public works sectors, while sentiment in the manufacturing sector worsened slightly, despite remaining in optimistic territory.
Author: Oliver Reynolds, Economist